Autumn Budget 2024

Dear Reader

With so much to digest from this year’s budget, Raymond James have provided a comprehensive guide on how the budget may impact you.

For the most part, the personal finance landscape remains unaltered with no change to the core tax allowances available to use.

There are, of course new restrictions to Inheritance Tax planning which will come as a blow to those who have been using pensions as part of their IHT planning. This doesn’t come in to play until April 2027 and the full detail of this is still unknown. With the proposal in consultation until January 2025, we will have to wait to fully understand the impact of this. In the meantime, it buys time, so no rash decisions need to be made.

The immediate impact of the increase in Capital Gains Tax (CGT) on shares doesn’t come as a surprise, but it highlights how useful ISAs and Pensions are as tax shelters.

Navigating these changes can be overwhelming, and this is where advice will become more important than ever.

If any of the updates of the budget immediately effect you, we will be in touch, but for most we will cover in full at your next review meeting.

As always, please do get in touch if you have any questions or concerns.

Take care,

Faye and Susie